That is correct, exept that the employer pays a portion of your FICA, whereas when you are Self-employed you are hit with the full amount. Of course you have the advanta…ges of being able to deduct all of your business expenses. More information below from IRS.gov " Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. It is similar to the social security and Medicare taxes withheld from the pay of most wage earners. You figure SE tax yourself using Schedule SE (Form 1040). Social security and Medicare taxes of most wage earners are figured by their employers. Also you can deduct half of your SE tax in figuring your adjusted gross income. Wage earners cannot deduct social security and Medicare taxes." Hope this helps. Roger Hadad, Effectur Inc, www.irs101.blogspot.com

Yes. Since 1983 government employees arecovered by SS/Fica like everyone else...and pay into it like everyone else. Before that (and still in some States and areas)…, they were allowed to contribute to and are/were covered by a program that is virtually identical to SS/FICA...minor differences, but nothing substantial really. More in name than anything.

Depends on which state you move to when you retire. Each state has its on rules but the states that dont tax in ny pension are............. NY, Hawaii, Illinois, Floria…, Alabama Alaska, Mississippi, New Hampshire, Pennsylvania, South Dakota, Texas, Washington and Wyoming You can get this list From the internet by typing in the search box ................. (NYS Pension Taxation by State) or call 800 225 5829 Hope I was some help to all of you...................

FICA stands for Federal Insurance Contributions Act! It's a tax that employers take out of employees' pay check for social security benefits for the elderly, disabled, the ret…irees, and kids that parent or parents work are dead.

FICA stands for "Federal Insurance Contributions Act." It's the tax withheld from your salary or self-employment income that funds the Social Security and Medicare programs. T…he (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax for social security benefits (SSB or SSDI). All mean the same thing. The taxes are paid to the UNITED STATES TREASURY DEPARTMENT.

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Myra (myrab51)

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If a sword had memory, it might be grateful to the forge fire, but never fond of it. - Rand Al'Thor

If you live in Thailand, you should consider moving your UK pensions to a QROPS (Qualifying Recognised Overseas Pension Scheme) A QROPS is not taxed at source and offers many …benefits. You can read more about QROPS by visiting www.the-qrops-specialist.com